Eskom successfully recovers R30 million paid out to ex-CEO Brian Molefe

Financially strained South African power generator, Eskom, has announced the recovery of R30 million from former CEO Brian Molefe. 
 
The power utility announced that it has successfully recovered the R30m that was unlawfully paid to Molefe’s pension benefit back in 2016. 
 
“Eskom is pleased to confirm that it has successfully recovered the R30m it unlawfully paid to the Eskom Pension & Provident Fund (EPPF) for the benefit of former chief executive officer Brian Molefe during 2016,” the company said on Wednesday. 

“In July 2022 the North Gauteng High Court reaffirmed a 2018 high court judgment that had reviewed and set aside a 2016 early retirement agreement between Mr. Molefe and Eskom. 
 
“In terms of the agreement, Eskom paid the EPPF approximately R30m to boost Mr. Molefe’s early retirement pension payout. The EPPF, the party in the court process with Mr. Molefe, has refunded Eskom.” 
 
The embattled company also explained it would not comment further and the announcement comes as ex-group chief executive of Transnet, Molefe, former group chief financial officer Anoj Singh,  
Regiments Capital directors Niven Pillay and Litha Nyhonhya all appeared in the Palm Ridge Specialised Crimes Court last week after their arrest by the NPA’s Investigating Directorate, assisted by the Hawks.  
 
BusinessTech Africa reported that Business Unity of South Africa has welcomed the arrests made by the National Prosecuting Authority involving former Transnet executives.  
 
Following the developments, it is now reported that investor confidence is likely to be boosted by the return of the rule of law.  
 
The former Transnet executives and their co-accused are charged with contravention of the Public Finance Management Act (PFMA) and fraud, while the other accused are charged with fraud, corruption, and money laundering.  
 
Main Image: Brian Molefe/iAfrica